25 Jan How Compensation Software Can Help You Ace Salary Planning & Administration
Without a formal pay system, employers run the risk of unintentionally making unfair pay decisions. Thus, every organization should have standard salary planning processes and administration in place to avoid disparities in pay and compensate employees without bias, based on factors like performance. Formalized salary planning and administration not only helps organizations achieve internal equity and compliance, but also external competitiveness.
Yet, with factors like market data, performance ratings, and other internal considerations that must be weighed in every pay decision, compensation planning presents complexities and challenges for most organizations. Moreover, companies that are still using spreadsheets struggle just to keep all of their data organized and secure – not to mention pursuing strategic pay decisions that align with their compensation philosophy.
For this reason, many organizations are turning towards compensation software for assistance. By centralizing compensation data and using automated planning tools, companies can navigate the challenges of paying people fairly with ease. Plus, with bundled tools like Compensation Business Partner by Compensation & HR Group and HRsoft, companies can receive the best of both worlds: access to the top-shelf consulting services the need to help develop great compensation plans, as well as the easy-to-use software to help them administer their plans effectively.
Compensation solutions can help you make intuitive pay decisions by taking into account critical factors such as employee performance and market value. They also feature inherent controls like range maximums and minimums to ensure all increases are within relevant salary ranges and guidelines. In addition to helping you manage salary adjustments, they can also help you navigate bonuses.
With this streamlined, automated approach to compensation, employers can increase their efficiency and compliance. Most importantly, they can also make the best pay decisions for the organization and its employees, compensating people based on what they truly deserve.
HRsoft is a cloud-based, High Impact Talent Management™ software company that specializes in improving employee engagement and retention for mid-large sized employers. Our High Impact Talent Management System™ includes modules for compensation management, applicant tracking, management software, total rewards, stay interviews, and content management. To learn more about our Compensation Management Software, COMPview, click the button below!